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This column is a good place for third level navigation or additional content. The headline above is made up of two graphics and text so it is easily modified to meet your needs.
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Misleading LettersHave you noticed that all the letters you receive from mortgage companies have one thing in common from the first moment you look at the envelope? All the envelopes are made to look like the letter came from a government entity. If you have an FHA or a VA loan, the letter might come in a manila envelope like those used for tax refund checks. Some companies have even gone so far as to have a “check” showing through the window…naturally, the color of the “check” is the same blue as the Department of Treasury uses. Another ploy to reel in those government-insured loans is to use an official-looking “seal” on the envelope. I’ve encountered ones that look almost exactly like the Veteran’s Administration Seal. You’d be surprised at how many people think they’ve received a letter from the VA. The truth is that the VA does not solicit Veterans for loans. If you’ve received letters from companies with the words “VA,” “Veteran’s” or “Federal” in their name, don’t be fooled. These are not from the Veteran’s Administration. The same goes for letters using the American eagle. These all look surprisingly like the VA logo, but the letter is from a lender, not the Veteran’s Administration. The company sending the letter wants you to think you’re dealing directly with the VA so they can have a better chance of securing your business. The same goes for FHA loans. Mortgage companies will use the same tactics noted above in order to get their phones to ring. The difference is that they might use the words ”U.S.” in the name of their company and a slightly different seal on their envelope. Homeowners with conventional loans are not immune to the tricks of the trade. Over the years I’ve seen some very innovative marketing techniques used to solicit conventional loans. Take a look at the letter shown on this page. This is extremely clever! See how the envelope looks like a formal document? It looks official, doesn’t it? This was received by a friend of mine in January of 2008. What are we all starting to think of after New Years? Well, after the Super Bowl, of course. We’ll all thinking about getting the paperwork together to get our taxes done. We’re waiting for those important documents in the mail…w-2’s and 1099’s. We’re waiting for interest statements from our current lender. See how in the right hand corner they’ve printed “2007”? Gee, that sure looks like a tax document from 2007 to me! Notice also how the company has used an official-looking seal next to their return address. And look who sent the letter. It doesn’t say it’s from the Acme Mortgage Company (The names here have been changed to protect the guilty.) No, this letter is from the “Administrative Offices of APF/OV. What the heck is that? I don’t know, but coupled with the fancy logo to the left, it looks official. However, I think the best trick of all has to be the “NOTICE: Official Property Documents Enclosed” emblazoned across the envelope. A former client of mine with a VA loan sent me the manila envelope shown below. The return address says, “Administrative Office” and “Record of Entitlement.” The company that sent this letter wanted the veteran who received it to think it was from the Veteran’s Administration about their “entitlement” to a VA insured loan. Then there’s the “Registered Document Enclosed” notice, along with the fact that this letter was in “Audited Delivery 362183.” (Whatever that means!) Would you open these letters? I would. And that’s what the lender is betting on. After all, if you never even open the envelope, their chances of getting their phones to ring are nil. Once a company has fooled you into opening their letter, they must continue to fool you for awhile longer. So let’s talk for a moment about the actual letters sent by mortgage companies. I said that they make up and use official-looking
seals on their envelopes. Many companies use these same seals on
their letterhead. I can’t tell you how many times I’ve
talked to a homeowner who has a VA or FHA loan and they absolutely insisted
Some lenders will try and fool the homeowner into thinking that the government is recommending they refinance with the lender mentioned in the letter. This is such a lie. Neither the VA nor FHA has any special relationship with any lender. They do not “work” with lenders, nor do they have special programs available only to certain ones. |
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Third
Level 1
